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2018年CFA一級(jí)公司金融試題淺析

高頓CFA2018-03-21 15:26高頓CFA

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　　2018年CFA一級(jí)公司金融試題淺析
CFA一級(jí)公司金融在一級(jí)考試中占比8% ，難度C ，相比較其他科目難度略為下降，但是也不要忽視這部分的拿分題目。整理幾道公司金融試題幫助大家了解這門科目考試相關(guān)的考點(diǎn)和內(nèi)容。　　更多關(guān)于2018年CFA學(xué)習(xí),建議可以早點(diǎn)下載2017-2018最新CFA電子資料進(jìn)行了解學(xué)習(xí)（點(diǎn)我下載）

　　CFA一級(jí)公司金融題1：

　　1. A company is considering building a distribution center on undeveloped land that it acquired more than ten years ago at a cost of $400,000. The company estimates the cost of putting in utilities, sewers, roads and other such costs of preparing the land for the distribution center at $200,000. Alternatively, the undeveloped land could be sold today to another company for $600,000. In *uating this capital project, the investment outlay associated with the use of the land by the distribution center will most likely be:

　　A. $400,000.

　　B. $600,000.

　　C. $800,000.

　　Answer: C

　　The investment outlay associated with the use of the land should reflect the opportunity cost of the foregone sale ($600,000) plus the incremental cost of preparing the land for use as a distribution center ($200,000). $600,000 plus $200,000 equals $800,000.

　　一級(jí)公司金融題2：

　　2. Two mutually exclusive projects have conventional cash flows, but one project has a larger NPV while the other project has a higher IRR. Which of the following least likely explains this conflict?

　　A. Reinvestment rate assumption.

　　B. Size of the projects’ initial investments.

　　C. Risk of the projects as reflected in the required rate of return.

　　Answer: C

　　Conflicting decision rules based on the NPV and IRR methods are related to the reinvestment rate assumption, the timing of the cash flows, or the scale of the projects. Differing required rates of return are not related to conflicting NPV and IRR decisions.

　　一級(jí)公司金融題3：

　　3.A company’s optimal capital budget most likely occurs at the intersection of the:

　　A. net present value and internal rate of return profiles.

　　B. marginal cost of capital and net present value profiles.

　　C. marginal cost of capital and investment opportunity schedule.

　　Answer: C

　　The point where the marginal cost of capital (MCC) intersects the investment opportunity schedule (IOS) is the optimal capital budget.

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